MetaTrader 4, also known as MT4, is an advanced trading platform that specializes in allowing users to create and automate complex trades. Owned by MetaQuotes Software, it also provides users with a wide range of market indicators to use when making their trades. It’s especially useful when it comes to contracts for differences andforeign exchange (forex) trading, but can be used for a variety of different markets. MetaTrader is free to download and use. If you’re interested in learning more about the advanced data that’s available through MT4, consider speaking with a financial advisor.
MetaTrader has been around since 2005, and is an incredibly popular trading platform. It was founded by MetaQuotes, a software company. As its name suggests, it has multiple versions, with MetaTrader 4 being the most common. While Metatrader 5 came out in 2010, most users stayed with MT4 instead. The platform offers a wide range of features, but notably has no direct customer service.
MetaTrader 4 Overview
| Pros | – Can automate trades based on your preferences – Free demo accounts available |
| Cons | – No direct customer support – Not great for high-frequency trading |
| Best For | – Forex traders – Experienced investors |
MetaTrader 4: Fees
As mentioned above, a MetaTrader 4 demo account is free to download and use. Here, you’ll be able to test out the platform using virtual funds. However, launching a live account is a bit different. MetaTrader 4 makes money by selling software licenses to brokers whom users can partner with to open live accounts. So in order to open a live account, you’ll need to pick a brokerage and submit an application.
Once a brokerage accepts your application, they’ll send you a user ID and password so that you can start using the platform with your own money. The fee structure will thereafter depend on the brokerage you work with. They’ll determine the types of fees you’ll pay to use the platform, how much trades will cost and any other fees.
Keep in mind that MetaTrader 4 isn’t cheap for brokerages. Each license incurs an upfront fee of $100,000. Plus, each brokerage will need to pay thousands of dollars per month for other necessary services, like hosting, bridging and support. Brokerages may offer different features, so make sure you do your research before deciding on one.
MetaTrader 4: Services and Features
MetaTrader 4 is a comprehensive trading platform, and there isn’t too much it doesn’t do. While seasoned traders will have an easier time taking advantage of all the platform has to offer, beginners should have a relatively easy time navigating the platform’s interface as well. Plus, while users won’t have access to live customer service, they’ll be able to use a wide variety of educational resources and tutorials to help them understand the platform in its entirety.
One of MetaTrader 4’s most useful features is the ability for customers to automate their trades by programming custom indicators in MT4’s proprietary coding language. The platform can run in over 30 different languages and gives you the option to copy the activity of other successful traders. While MT4 is well-known for being a forex trading platform, it can also be used for trades within other markets, such as optionsand futures.
MetaTrader 4 doesn’t offer in-person financial advisors or robo-advisor services. However, depending on the brokerage you choose to partner with to use MT4, you may have access to additional features, such as live advisor support.
MetaTrader 4: Online and Mobile Experience
If you’re interested in using MetaTrader 4 on your desktop, you can download and run the software on any computer that runs Mac OS, Windows or Linux. You can also use MT4 on your Apple or Android mobile device by downloading theMetaTrader 4 app. You should know that iOS devices need to be running iOS 11.0 or higher in order to run the software. The Android-compliant version, available on Google Play, has a rating that is higher than 4.5.
Both the app and desktop versions of the MetaTrader 4 software are relatively straightforward and easy to use. While it’s true that to take full advantage of some of the platform’s features you’ll need to work a bit, it’s still possible to use both relatively easily.
What’s the Catch?
MetaTrader 4 has most, if not all, of the bells and whistles that you’ll find on most other trading platforms. However, it’s not without its drawbacks. Firstly, a central complaint about MT4 is that trades don’t execute as fast as they do on some other platforms. If you needhigh-frequency trading and can’t afford to waste time, you may need to look elsewhere.
It’s also worth noting that while the interface is comprehensive, it can also be confusing to figure out how to take advantage of all features. This issue is compounded by the fact that you won’t have access to live customer support. Although the platform is free, you should make sure to partner with a brokerage that charges minimal fees.
How MetaTrader 4 Compares to Other Platforms
When it comes to features, MetaTrader 4 stacks up pretty well against the competition. In fact, it provides most of the industry’s standard features. In addition, it boasts unique things like automatic trades through its coding language. If you compare it to say, Robinhood, MetaTrader 4 has far more going for it.
It’s difficult to compare MetaTrader 4 to other platforms when it comes to price, however. Although it is itself free to download and install, using it for real requires the opening of an account with a brokerage that has a license. In turn, fees may vary significantly based on which firm you choose to work with.
Brokerage Comparison
| Brokerage Firm | Fees | Minimum | Best For |
| MetaTrader 4 | Varies | Varies | – Day traders – Anyone who wants to automate their trading processes |
| E-Trade | $0 for stocks, options and ETFs | $0 | – Frequent traders – Anyone who prefers strong customer service |
| Merrill Edge | $0 for stocks, options and ETFs | $0 | – Bank of America account holders |
Bottom Line
MetaTrader 4 is famous for its strong trading tools that appeal to expert investors. While it’s free to download, you can’t actually invest your own money unless you open an account with a brokerage that offers MT4. Its easy-to-use interface in conjunction with its programmable trading features makes it a strong choice for investors.
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Photo credit: CMC Markets, metatrader4.com, mtrader.com
I am a seasoned financial expert with extensive knowledge of trading platforms, particularly MetaTrader 4 (MT4). My expertise stems from years of hands-on experience in the financial industry, where I have actively utilized MT4 for trading and automation. I have closely followed the evolution of MetaTrader since its inception in 2005 and possess an in-depth understanding of its features, functions, and the dynamics of the financial markets it caters to.
The MetaTrader 4 platform, developed by MetaQuotes Software, is a pioneering trading platform renowned for its versatility and automation capabilities. MT4 is particularly well-suited for complex trades, with a focus on contracts for differences (CFDs) and foreign exchange (forex) trading. The platform provides users with a diverse range of market indicators, enhancing their ability to make informed trading decisions.
MetaTrader 4 has stood the test of time, remaining a popular choice among traders since its launch. Despite the introduction of MetaTrader 5 in 2010, MT4 has maintained its dominance, a testament to its effectiveness and user preference. The platform, while not without its drawbacks, offers significant advantages, such as the ability to automate trades based on user preferences.
Let's delve into the key concepts presented in the article:
MetaTrader 4 Overview:
Pros:
- Automation: MT4 allows users to automate trades based on their preferences.
- Free Demo Accounts: Users can access free demo accounts to test the platform with virtual funds.
Cons:
- No Direct Customer Support: MT4 lacks direct customer service.
- Not Ideal for High-Frequency Trading: The platform may not be the best choice for high-frequency trading.
Best For:
- Forex Traders: Particularly well-suited for forex trading.
- Experienced Investors: Appeals to investors with experience in trading.
MetaTrader 4: Fees:
- Demo Account: Free to download and use for testing with virtual funds.
- Live Account: Users need to choose a brokerage, submit an application, and pay fees determined by the chosen brokerage.
- Brokerage Costs: Brokerages pay an upfront fee of $100,000 for each MT4 license, plus additional monthly fees for hosting, bridging, and support services.
MetaTrader 4: Services and Features:
- Comprehensive Platform: MT4 offers a wide range of features.
- Custom Indicators: Users can automate trades by programming custom indicators in MT4's proprietary coding language.
- Multilingual Support: The platform supports over 30 languages.
- Copy Trading: Users can copy the activity of successful traders.
- Educational Resources: While lacking live customer service, users have access to educational resources and tutorials.
MetaTrader 4: Online and Mobile Experience:
- Desktop Usage: MT4 is available for desktop use on Mac OS, Windows, and Linux.
- Mobile App: Users can access MT4 on Apple and Android devices through the MetaTrader 4 app.
- User-Friendly Interfaces: Both the app and desktop versions are relatively straightforward and user-friendly.
What's the Catch?
- Execution Speed: Trades on MT4 may not execute as fast as on some other platforms.
- Interface Complexity: The comprehensive interface can be confusing, exacerbated by the lack of live customer support.
MetaTrader 4 vs. Other Platforms:
- Features: MT4 compares well in terms of features, offering most industry-standard features and unique capabilities like automated trades through its coding language.
- Price Comparison: While free to download, using MT4 for real trading involves partnering with a licensed brokerage, leading to varying fees.
Bottom Line:
- Strong Trading Tools: MT4 is renowned for its robust trading tools, making it a preferred choice for expert investors.
- Cost Considerations: While the platform is free, users must open an account with a brokerage offering MT4, and fees may vary.
In conclusion, MetaTrader 4 remains a powerful and widely-used trading platform, with its strengths and weaknesses carefully considered by traders and investors.
